Last week, Open Box Technologies put itself on the auction block, setting up a one-week eBay (s EBAY) auction to sell all of the technology and infrastructure related to its SesameVault online video management platform. And though that auction ended yesterday without any bids, Open Box CEO Cameron Brian said the company is satisfied with the interest the auction generated and confident that it will find a buyer in the next few weeks.
Brain said in a phone interview that over the past week, Open Box Technologies has heard from 11 different companies that have shown an interest in acquiring it. Open Box is now in due diligence discussions with six potential acquirers, Brian said. “It became clear after a few days that no one was going to bid on the eBay auction, but it truly was a great lead generation mechanism,” he told me. “In part, we achieved what we set out to do, which was to attract companies that we hadn’t identified as buyers.” So what’s next?
Now that the eBay auction has closed, Open Box is conducting all acquisition discussions directly. The company has signed NDAs with and handed over financial information to interested parties, and has set a deadline of next Friday, March 5th, for proposals to be submitted. Brain said he expects a range of proposals, based on the different profiles of the companies that have approached Open Box Technologies about an acquisition.
All of the company’s potential acquirers are in the online video space, Brain said, and all operate in the business-to-business market, so it’s not like someone is looking to turn SesameVault into a consumer offering. Open Box Technologies has received interest from U.S. and European firms, and while most are privately held, at least one is publicly traded. While Brain and his investors are obviously looking to get the best dollar value for the company’s assets, he’s also hoping to find a buyer with which he can easily integrate SesameVault into its exiting business.
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